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Global Electrical Enclosure Market to Reach US$ 8.7 Billion by 2024, Impelled by Escalating Demand for Uninterrupted Electricity Supply

According to the latest report by IMARC Group, titled “Electric Enclosure Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global electric enclosure market size reached US$ 6.2 Billion in 2018. An electric enclosure is a cabinet that is used to store and protect electrical or electronic equipment such as transformers, power generators and telecommunication devices to shield them from electromagnetic or radio frequency interference. It also encloses other components, such as knobs, panel boards, circuit breakers, switches and display monitors, which aids in preventing accidental electric shocks and adds to the aesthetic value of the space. Usually made from steel, aluminum or rigid plastics, it is widely utilized across the residential, industrial and commercial sectors.

Global Electrical Enclosure Market Trends:

The global market is primarily driven by an increase in the demand for uninterrupted electricity supply across the globe. The altering climate and improving standards of living have led to a rise in the uptake of heating, ventilation, and air conditioning (HVAC) systems, which is providing a positive thrust to the market. Moreover, rapid industrialization and the rising trend of automation across numerous industries have bolstered the demand for electrical enclosures on a global level. Additionally, governments of various countries have implemented stringent regulations to upgrade the existing transmission and distribution infrastructure. This, along with an increase in the energy demand owing to population growth and the growing preference for smart grids, is expected to provide a stimulus to the market growth. Mandating the installation of these enclosures across the residential and commercial sectors by governments is further contributing to their sales. The rising adoption rates of renewable energy resources across several power stations are also acting as a major growth-inducing factor. Growing preference for connected cities, increasing penetration of green energy and the advent of the internet of things (IoT)-enabled industrial enclosures are some of the other factors fostering the growth of the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 8.7 Billion by 2024, expanding at a CAGR of 5.8% during 2019-2024.

Market Summary:

  • On the basis of the type, the market is divided into junction, disconnect, operator interface, environment and climate control, and push button enclosures.
  • Based on the material type, the market has been bifurcated into metallic and non-metallic.
  • On the basis of the mounting type, the market has been categorized into wall-mounted enclosure, floor-mounted/free-standing enclosure and underground.
  • Based on the form factor, the market has been classified into small, compact and full-size.
  • On the basis of the product type, the market has been segregated into drip-tight, hazardous environment, flame/explosion proof, dust-tight and others.
  • Based on the design, the market has been segmented into standard and custom types.
  • On the basis of the end user, the market has been divided into power generation, transmission and distribution and other electrical equipment.
  • On the geographical front, the market has been categorized into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has been analyzed in the report, with the profiles of the key players operating in the market. Some of these players include Schneider Electric SE, ABB Group, Eaton Corporation, Adalet, Emerson Electric Co., Pentair plc, Siemens Aktiengesellschaft, Allied Moulded Products, Inc., AZZ Inc., Fibox Oy Ab, General Electric Company, Legrand SA, Hubbell Incorporated, SOCOMEC group, and Rittal GmbH & Co. KG.

 

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